A sequence of 3 down days ended yesterday. The market attempted profit taking buying below the 100 day mvg avg and at oversold extremes. Net gains were posted but these were limited and the highs not maintained. So this price action highlighted a weakness in profit taking that ensures our technical focus is again on the downside. So this morning’s call is a Sell but leaving room to also Sell at 1.0064, yesterday’s high. The risk is 1.0094, Thursday’s open, with downside objectives at 1.0030, the 100 day mvg avg, 1.0008, yesterday’s low, or even towards .9977.
Weak Rally
